Help on Starting Business: Quick Reference Guide
1. Identify “your why” and Name Your Business.
This process of naming a business can be mind-boggling if you let it, instead of trying to establish the perfect company name, determine “your why.” (The reason you are starting a business, what value you bring to potential clients, and your personal reasons for doing all of the above, like financial freedom, family, travel, and unlimited earning potential). The longer you delay naming your business, the longer you delay generating the unlimited revenue streams that your Intrinsic Wealth have to offer the world.
In this stage of your process forget branding and unique selling propositions. Pick a name that projects your why and the value it provides.
Your business can operate under as many different names that you desire by filing a simple “d.b.a.”. (“doing business as” form)
You can also create a brand new company after you have success in a particular niche or industry.
2. Obtain an Employer Identification Number (EIN).
An EIN is the federal tax number used to identify your business. You will need an EIN if you will have employees or plan to form a partnership, LLC, or corporation. (A decision to strongly consider to protect your personal assets)
If your business doesn’t require an EIN, you should still obtain one: There is no cost and it can be obtained online, it will require only a few moments. This allows you to keep your Social Security number private and reduce the chance of identity theft.
3. Consider utilizing a Trade Name.
- a name that has the status of a trademark.
- a name by which something is known in a particular trade or profession.
4. Determine where to access and obtain your business license if required.
For instance: If you will sell products, you may need a permit. Your state department of taxation’s website has all of the resources, instructions, forms, and clarity. In many states, these can be applied for online, or if you can go directly to the office to complete and expedite the files while you’re at their office.
5. Identify a Bank with the best benefits for your business application and establish a business bank account.
Using a business account for all business transactions eliminates the risks of accounting errors and potential problems with the IRS.
Separate your personal and business finances by only using your business account for all business-related deposits, withdrawals, and transactions.
6. Strongly consider an accounting or bookkeeping software.
There are many accounting software products available for different levels of business. If you are not ready to invest you can create free spreadsheets many times with templates on Excel or Numbers. Make sure the spreadsheet can account for the money you expend and the money that you receive.
If you choose to start from scratch with your spreadsheet, make sure you start with Revenue and Expenses columns, and you can then add line items as you grow your business income and expenses.